What are some good tips for saving money?

Question

What are some good tips for saving money?

Answer 1

Don't spend it!

Answer 2

hello -

here are some tips and ideas - a budget only works if you know where your money is going - so:

List out how much money you have coming in each month (paycheck, alimony, side jobs, etc.).

List out what your fixed costs are (rent/mortgage, car payment, car insurance, phone, cable, student loans, commute costs etc.) If you have credit card debt look at how much per card and which has the highest interest rates.

Track it by category -

retirement (401K, etc.)

home

car (payment, insurance, etc.)

gas

cable/electric/water

groceries

eating out

clothing

movies/plays (include the popcorn)

books

newspaper (if you already paid your news paper or magazine subscription, figure out the monthly cost and include that)

hanging out with friends (bar, pool etc)

non meal related drinks/snacks (Starbucks, diet coke, snacks)

other

other

(other could be alimony, whatever, things I did not list out but you have to pay)

and you will see quickly where your money is going to go. Then you can see if it is all the right places, or if you want to make a change and not buy so many clothes, see so many movies (or pass on the popcorn) etc. Do you need to have the car you have or is there a way to get a vehicle without a car payment? Do you need HBO?

Consider what is really important to you and what is not and spend accordingly.

Be sure to put all left over money into retirement savings somewhere and not just spend it on something else (or put it towards paying down credit card debt). And keep tracking what you spend for at least 6 months. that will help you get into habits and patterns that are good ones.

Retirement savings are very important, so if you have a 401K or the equivalent, dont stop contributing to that. I see so many questions here about stopping contributing or taking the money already saved out, dont do that. The value of the compound interest is huge.

feel free to email me for more info if you like

good luck

Answer 3

spend less

Answer 4

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Answer 5

In my experience, many people who say they never have money are the very people who have an expensive mobile and designer clothes, and are out on the town every evening.

If you don't belong to that crowd, force yourself to put a certain amount of cash in a savings account every week or every month and don't touch it even if you are hard up at the end of the month.

Answer 6

Basically find out where the money is going (keep a written track of all spending for a couple of weeks) and discover where you can cut down.  It is always possible to cut down a bit, even if it is walking a bit more, or putting off a haircut for another week or two.  Stash your savings away(or have some diverted into a saviings account from your wages).  Out of sight, out of mind, and if left alone, it will quickly add up.  Also try Oprah's Debt Diet (google it) for ideas

Answer 7

The first step to take is to get on a budget, when know how your monthly expenses compare to your monthly income you can determine how much income you have to save.

You can download a free budget workbook from:  http://www.bills.com/guide/

or use an on-line tool at: http://www.kiplinger.com/tools/budget/

Keep track of your spending for the next month or two, most people are surprised by how much they are spending on some items; eating out, phone bill, clothing, snacks are typical culprits.

God bless!